Timeshares may seem like a great idea for those who love to travel. However, as life changes, you may find it hard to travel. You may have kids who make traveling harder than it once was, or your budget may have changed and traveling as frequently as you once did may no longer be an option. If you have a timeshare, but are not using it, you may be looking for timeshare exit options, or ways to get rid of your timeshare so you no longer have to pay assessments and fees. Here are a few of the options available to you.
Ask the Resort About Buyback Options
Many resorts that offer timeshares are offering a buyback option for those who no longer want their timeshares. They may buy the timeshare back from you, or they may help you to connect with potential buyers who are in the market for the resort you own. If you want out of your timeshare, ask the resort itself about their buyback options.
Rent Out Your Timeshare Points
If you are on the fence about selling your timeshare, you may not want to get rid of the timeshare just yet, but you may want to recoup some of the expenses for the time being. Most resorts allow you to rent out your timeshare points, or rent out your deeded week. Read your contract to learn if you can sell your points and offer it to those who are looking to vacation at your
Sell Your Timeshare on the Resale Market
Selling your timeshare on the resale market is one of the best timeshare exit options. However, it is important to note that resales often sell for a fraction of the price you paid for your timeshare. As such, price out the market and be realistic with your pricing.
File for Bankruptcy
The last way you can exit a timeshare is to file bankruptcy. If you still owe on your timeshare and/or cannot afford maintenance fees, filing for bankruptcy may be the last way for you to get rid of your timeshare. This is a great option for those who have a lot of debt, including timeshare debt.
If you have a timeshare that you are not using, and your situation does not look like it will change anytime soon, selling the timeshare may be in your best interest. It helps to ensure you are not paying annual fees for a place you cannot utilize. A timeshare exit strategist can sit down with you and help you determine the best options for getting rid of your timeshare, based on the current resort you bought into and your financial situation. Consult a professional today if you need help looking for timeshare exit options.